Grimes & Company Inc. Sells 1,007 Shares of Energy Transfer LP (NYSE:ET)

Grimes & Company Inc. lessened its holdings in Energy Transfer LP (NYSE:ET) by 7.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,500 shares of the pipeline company’s stock after selling 1,007 shares during the quarter. Grimes & Company Inc.’s holdings in Energy Transfer were worth $232,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Bank of Montreal Can lifted its position in Energy Transfer by 12,090.8% during the fourth quarter. Bank of Montreal Can now owns 12,455,613 shares of the pipeline company’s stock worth $244,005,000 after purchasing an additional 12,353,441 shares during the period. FMR LLC lifted its position in Energy Transfer by 15.7% during the fourth quarter. FMR LLC now owns 38,634,018 shares of the pipeline company’s stock worth $756,840,000 after purchasing an additional 5,254,721 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in Energy Transfer during the fourth quarter worth about $79,113,000. Hsbc Holdings PLC bought a new stake in Energy Transfer during the fourth quarter worth about $50,166,000. Finally, Westwood Holdings Group Inc. lifted its position in Energy Transfer by 18.2% during the fourth quarter. Westwood Holdings Group Inc. now owns 16,331,220 shares of the pipeline company’s stock worth $319,929,000 after purchasing an additional 2,512,060 shares during the period. Institutional investors own 38.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $23.00 price objective on shares of Energy Transfer in a research report on Tuesday, March 25th. Citigroup reissued a “buy” rating on shares of Energy Transfer in a research note on Monday, March 24th. Wells Fargo & Company lowered their target price on Energy Transfer from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Mizuho boosted their target price on Energy Transfer from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 20th. Finally, Morgan Stanley boosted their target price on Energy Transfer from $20.00 to $26.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 25th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Energy Transfer has a consensus rating of “Moderate Buy” and a consensus target price of $22.64.

Energy Transfer Stock Performance

Energy Transfer stock opened at $17.88 on Thursday. The business has a 50 day moving average of $17.43 and a 200-day moving average of $18.56. Energy Transfer LP has a 1 year low of $14.60 and a 1 year high of $21.45. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.12 and a quick ratio of 0.92. The company has a market capitalization of $61.36 billion, a P/E ratio of 13.55, a P/E/G ratio of 0.58 and a beta of 0.78.

Energy Transfer (NYSE:ET) last released its quarterly earnings data on Tuesday, May 6th. The pipeline company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. Energy Transfer had a return on equity of 11.47% and a net margin of 5.88%. The company had revenue of $21.02 billion during the quarter, compared to the consensus estimate of $22.28 billion. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The firm’s revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts predict that Energy Transfer LP will post 1.46 earnings per share for the current year.

Energy Transfer Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 20th. Stockholders of record on Friday, May 9th were paid a $0.3275 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.31 annualized dividend and a dividend yield of 7.33%. This is an increase from Energy Transfer’s previous quarterly dividend of $0.33. Energy Transfer’s dividend payout ratio is currently 99.24%.

Insider Activity

In other Energy Transfer news, Director James Richard Perry sold 1,369 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $18.48, for a total transaction of $25,299.12. Following the completion of the sale, the director now owns 24,523 shares of the company’s stock, valued at approximately $453,185.04. This represents a 5.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.28% of the stock is currently owned by insiders.

Energy Transfer Profile

Energy Transfer LP provides energy-related services. The company owns and operates natural gas transportation pipeline, and natural gas storage facilities in Texas and Oklahoma; and approximately 20,090 miles of interstate natural gas pipeline. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users.